|11 December, 2019

Bahrain cabinet approves $265.29mln fund to support private sector

It aims to support working capital requirements of viable companies facing short-term liquidity pressures

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

Gettyimages

MANAMA: Bahrain’s Cabinet yesterday approved a BD100 million fund to support the country’s private sector.

The session, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, at Gudaibiya Palace, noted that the strength of the kingdom’s private-public partnership had facilitated the swift establishment of the fund.

The Liquidity Support Fund, in line with directives issued by the Crown Prince during the 2019 Government Forum, will be launched in co-ordination with Bahrain Chamber of Commerce and Industry and a number of national banks.

It aims to support working capital requirements of viable companies facing short-term liquidity pressures.

The Cabinet approved the signing of four agreements with national banks to arrange credit facilities. It instructed the Finance and National Economy Ministry to follow up and initiate the fund’s launch, according to Cabinet secretary general Dr Yasser Al Nasser.

© Copyright 2019 www.gdnonline.com

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From GCC